Indian DRI, billet and rebar update - 5 Mar

India's induction furnace (IF) steel market prices continued the upward movement on 5 March, 2024, as offers floated by the mills increased in the range of INR 100-750/tonne (t) d-o-d compared to the previous trading session.

Sponge iron prices rose in the range of INR 100-300/t. The sharpest rise was seen in Odisha's Jharsuguda market.

Billet prices increased in the range of INR 100-500/t. The highest increase was seen in the Hyderabad market.

Rebar (Fe 500) offers surged in the range of INR 100-750/t, with the Hyderabad market witnessing the sharpest rise.

The sellers hiked offers as they received optimum bookings yesterday. However, limited trades were observed in the spot market today at current price levels. Participants expect prices to remain volatile in the near term.

Click here for rebar brand-wise details

BigMint's price assessment (Region wise)